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Andrew Peel, head of digital at Morgan Stanley, said that Bitcoin was an idea that emerged on an internet forum 15 years ago. As stablecoin volumes rival payment networks like PayPal and Visa, the adoption of Bitcoin by Wall Street in the form of spot Bitcoin ETFs could signal a “potential paradigm shift in the global perception and use of digital assets,” he said.
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In a note to investors, Peel (Morgan Stanley) provided an overview of the current threats to the US dollar’s current dominance as the world’s reserve currency, due to the fact that 60% of global foreign exchange reserve balances are held in dollars. In comparison, China’s yuan makes up only 2.5% of those reserves, despite the country’s recent efforts to increase its foreign trade.
However, Peel wrote, various “dollarization” threats, including the “notable” adoption of Bitcoin around the world, could erode the dollar’s top spot. He noted that 100 million people around the world hold the cryptocurrency.
Peel also noted that stablecoin trading volume has rivaled traditional digital exchanges like Visa and PayPal in recent years. He said that stablecoins could be the “killer app” of crypto. Both Visa and PayPal have taken steps to adopt stablecoins themselves, with Visa integrating USDC on Solana and PayPal integrating the PYUSD stablecoin.